MIRA
INFORM REPORT
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Report Date : |
27.07.2007 |
IDENTIFICATION DETAILS
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Name : |
MILLENNIUM COAL PTY LTD |
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Registered Office : |
27, |
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Country : |
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Date of Incorporation : |
24.09.1999 |
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Legal Form : |
Private Limited |
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Line of Business : |
The subject operates in the management of the Millennium Coal Mine in |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
REGISTERED NAME
MILLENNIUM COAL PTY LTD
ACN: 089 599 021
ABN: 21 089 599 021
INCORPORATED
24 September 1999
REGISTERED ADDRESS
27,
BRISBANE, QLD 4000
SHARECAPITAL
$74,251,424
SHAREHOLDERS
EXCEL COAL LTD Holds
23,468
NANDARA COAL P/L Holds
2,070
HONG KONG QINFA TRADING Holds
636
CATHERINE HILL RESOURCES Holds250
VISA COMTRADE Holds
150
DHARMARAJA, Varo Holds100
CARR, Anne Francis Holds
60
LIUBINSKAS, Jack Holds
48
DHARMARJA COAL P/L Holds
38
BROWN, Ian Holds
35
DIRECTORS
CRAIG, Ian Stuart
HAMILTON, QLD 4007
SMITH, Stephen John
VORIAS, Cameron
BALMORA, QLD 4171
COCHRANE, Gary William
KIRSTEN, Ernst Detlef
1,
SECRETARY
SMITH, Stephen John
REGISTERED CHARGES
None on record
SPECIAL NOTE
During the current investigation it was advised that on 23 October 2006
the subject was acquired by Peabody Australia P/L
BUSINESS STRUCTURE
TRADING ADDRESS Locked Bag 1005
MORANDAH,
QLD 4744
TELEPHONE (617)
4950 7068
HOLDING ENTITY
ULTIMATE HOLDING
ENTITY
BANK
COMMONWEALTH BANK OF
EMPLOYEES
10
BACKGROUND
The subject was incorporated in
On 23 October 2006 the subject was acquired by Peabody Australia P/L
The subject commenced mining activities at the Millennium Coal Mine in
March 2007.
OPERATIONS
The subject operates in the management of the Millennium Coal Mine in
Activities are conducted from premises located at the above listed
trading address.
ADVERSE
A search of the of Credit Advantage Limited failed to trace any
litigation listed against the subject at that date.
FINANCES
The subject is not required to lodge financial statements with the
Australian Securities and Investments Commission.
During the current interview conducted with the subjects Financial
Controller, she advised that the subject commenced mining activities at the
Millennium Coal Mine in March 2007.
Details pertaining to the subject’s financial position were not
disclosed for the current enquiry.
The subject is ultimately owned by Peabody Energy Corporation, the
world's largest coal producer. The group operates more than 40 mines and
processing facilities in the
Peabody Energy is listed on the New York Stock Exchange and employs
9,200 staff globally.
For the last financial year ended 31 December 2006, the global group
recorded consolidated revenue of US$5,256.3 million which resulted in a Net
Income of US$600.7 million.
TRADE SURVEY
A trade survey on the subject traced the following accounts:
Nominated supplier declined to provide a reference owing to company
policy.
Nominated supplier failed to respond to correspondence despite chasing.
SUMMARY
The subject was
incorporated in
On 23 October 2006 the
subject was acquired by Peabody Australia P/L
The subject commenced
mining activities at the Millennium Coal Mine in March 2007.
Details pertaining to
the subject’s financial position were unable to be obtained for the current
enquiry.
The subject is ultimately owned by Peabody Energy Corporation, a
corporation that is listed on the New York Stock Exchange and employs 9,200
staff globally.
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
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71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
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56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems comparatively
below average/normal. |
Small |
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11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)